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Rockland Trust Backs Metro North Business Growth with $38.275MM in Funding

June 18, 2018, 07:06 AM
Filed Under: Industry News
Related: Rockland Trust

Rockland Trust announced financial transactions totaling more than $38.275 million with local businesses located north of Boston. The funding will be applied to enhancing existing operations and positioning the companies for future growth. The loans were provided to the following companies:

The Gutierrez Company received up to $30.875 million for refinancing their property at 600 Technology Drive in Billerica, a 449,055 square foot, four-story Class A office building built by the organization in 1988. Building tenants include Empirix, Insulet Corp., Lockheed Martin, and Conformis Inc. Founded in 1978, the Gutierrez Company develops, constructs and manages commercial properties throughout New England, including office, R&D, industrial, retail and multi-family residential properties.

Robert W. Murray, owner of property management company Murray Hills, Inc. and Burlwood Realty Corp., which has developed a variety of properties – R&D, industrial, retail, single-family, subdivisions and town homes – received a $5.7 million permanent loan for Two Forty Two Cambridge, LLC. The property, which is located at 242 Cambridge Street in Burlington, is an existing free-standing CVS drug store.

“These transactions reflect Rockland Trust’s commitment to supporting our local business community with the resources they need to succeed and grow,” said Sean McKenna, Rockland Trust Vice President of Commercial Lending for the Greater Boston market. “We really like to get to know our business clients at a personal level so we can find the best solutions to meet their needs.”

In addition, financing was provided to:

S.R. Dodge, Inc. received $750,000 to support business growth and create ongoing working capital. S.R. Dodge is a second generation, family-owned and operated electrical contractor that serves residential, commercial and industrial customers, with a specialty in restaurants. The business has been operating in the Greater Boston area for more than three decades.

Prescott White, owner of Commonwealth Properties, received $450,000 to refinance an existing loan and fund improvements to a two-family investment property in Brighton as well as for future real estate investments. This was Rockland Trust’s second loan to the firm in 2017. Earlier in the year, the Bank provided $500,000 to refinance a property in Melrose. Commonwealth Properties is a boutique real estate brokerage representing buyers, sellers, and real estate investors throughout Massachusetts.   

“Helping create a strong business community is at the heart of helping our cities and towns thrive,” added Ross Grifkin, Vice President of Commercial Lending for Rockland Trust in the Metro North. “We look forward to future opportunities to partner with businesses in the Metro North.”

Rockland Trust’s Commercial Banking group has more than 50 commercial lenders and 13 lending centers throughout Massachusetts and Rhode Island. With a lending capacity up to $100 million, the Commercial Banking Team has broad experience in areas such as asset based lending, commercial real estate, construction and land development, equipment financing, commercial mortgages, and low income housing loans. In addition, the team can meet all the financial needs of its customers with additional services such as business deposit products, merchant and foreign exchange services, and cash management services.

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